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414)() Ameeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, November 25, 1931, at 10:45 a. m. PRESENT: Governor fleyer Er. Hamlin Er. Miller Mr. Eagee Er. Pole Mr. Morrill, Secretary Er. McClelland, .iIssistant Secretary Mr. Harrison, Assistant to the Governor. The minutes of the meeting of the Federal Reserve Board held on November 18 were aoproved. The following matters were then considered and acted upon by the 13°a-za: Telegrams dated November 24 from the Secretary of the Federal ReBank of Atlanta and the Chairman of the Federal Reserve Bank of 211 Pl'aneisco, advising of the establishment of the following schedule of l'tecti7e buyini, rates on bankers' acceptances: 1 to 45 days 46 to 90 days 91 to 120 days 121 to 180 days Repurchase Without objection, noted with approval. Letter dated November 21 from the Federal Reserve Agent at elphia requesting approval of the designation of Messrs. Edmund Cole 8'114 11. S. Bradford, employees in the auditing department of the bank, as sp, Sai3 ants o examiners. Upon motion, the desic;nations were approved. Telegraphic reply, approved by members of the Board on November 23, to telegram dated November 14 from the Federal Reserve Agent at Dallas, t: 11/25Asi -2approval of the application of The National Banic. of Fort San nouston, San Antonio, Texas, an outlying bank forned by the conversion on 11°"Inber 13 of the Sam Houston State Bank and Trust Company, a nonmember, tor a reduction in its reserve recuirements from 10,) to 7I-; of denand dePosits; the reply calling attention to the Board's letter of December 19, 1924, (4-4221), rulins , that a bank applying for a reduction in reserves must have be " , a nenber of the Federal Reserve System and in operation as such for a ' period of at least one year Prior to the date of such apnlication, and tatin: that, on the basis of the information before it, the Board does not believC an excePtion should be made in this case, and, accordingly, is cleeerring action. Upon motion, the reply was approved. Reference was then made to an order issued by the Secretary of the excusing, from duty at 1 o'clock today, all employees of the Treasury - -mut who can be spared. It was voted to excuse at the same hour all employees of the Board who can be spared. . approval Reports of Standing Committee dated November 23, recornenuins (11't11 following changes in stock at Federal Reserve banks: 11 pi.9-on for ADDITIONAL Stock: '13 - ===14119.121119.1. 11. lezcial-American Bank & Trust Co., Shreveport, La. (Stock to be issued to the Consolidated institution, Continental-American Bank and Trust C°mDany) 413 , bi4-J-cations for SURRENDM of Stock: 1 .-I tLilaf 3* -41140n National Bank, Philipsburg, Pa. (Insolvent) Shares 300 300 180 180 erlt)i 11/25/31 -3SURFEEMil of Stock: (Cont'd) 2 1 12110 Savings Bank, Canton, Ohio. (Insolvent) st National Bank, Carclington, Ohio. (Insolvent) District No. 5. Tl'aders Kational Bank, Buckhannon, „. Va. (Insolvent) 1"1-rst National Bank, Cowen, W. Va. (Insolvent) Di trict No. 6. National Bank, Fla. (V.L.Suc. by Florida 1Tational Bank and Trust Co. at liami.) 21,12trict Po. 7. Nation Bank, Eureka, Ill. (V.L.Abs. by Farmers , State Bank) 41I Y City Bank, Bay City, :Iich. (Insolvent) 3.1'st National Bank, Blytheville, Ark. (Insolvent) ' Iltehings First National Bank, Siloam Springs, Ark. (Insolvent) -ence County Bank, Walnut Ridge, Ark. (Insolvent) '4.rst National Bank, Ilarceline, No. (Insolvent) st ct No. 12. National B , Colville, Wash. (Insolvent) Shares 450 48 498 90 19 109 288 285 25 420 A/15 72 33 79 36 220 45 Total 45 1,785 Approved. Reports of the Law Committee dated November 25, recomnending approval t Lollowinc; Clayton Act apnlications: rx. 71ill1am A. Conway, for permission to serve at the same time a2 director and officer of the Journal Square National Bank of 3. 2rsey City, N. T., and as director and officer of the Hudson uounty National Bank of Jersey City, P. X. Nib. H. P. Wood, for permission to serve at the same time as °fficer of the Hudson County National Bank of Jersey City, Y. T., ' elld as officer of the Journal Square National Bank of Jersey City, x. S. W. Kagan, for 12ernission to serve at the same time as airector of the Hudson County Nationnl Bank of Jersey City, Y. J., 4nd as director of the journal Square National Bank of Jersey City, 11. 171,.. Stanton LI. Smith, for Permission to serve at the same time as ector of the Hudson County National Bank of Jersey City, U. 7., lid as director of the Journal Square National Bank of jersey City, N. J.. jt ,,s1 (101-N 4100 11/25/31 -4- Lir. Caleb lUngle, for permission to serve at the same time as director of the Hudson County National Bank of jersey City, N. J., and as director of the Journal Square National Bank of Jersey City, N. J., Mr. Charles E. Heidt, for permission to serve at the same time aS director of the Hudson County National Bank of Jersey City, U. J., and as director of the Journal Sql are National Bank of Jersey City, N. J, rs. R. C. Bonham, for permission to serve at the same time as director of the Hudson County National Bank of Jersey City, N. T., and as director of the Journal Square National Bank of jersey City, N. a. Mr. Henry Mueller, for peithission to serve at the same time as director of the Hudson County National Bank of Jersey City, 7:T• and as director of the Journal Square National Bank of jersey City, J, .,1-oproved. The meeting adjourned at 11:45 a.m. Secret ry. 413PIloved: ii
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